Addressing biases is not just a point of introspection but a collective responsibility we hold as professionals.
These hidden or sometimes blatant inclinations can deeply impact the quality of our decisions. Understanding them is a deeply passionate topic at The Gaming Boardroom.
Here’s a list of key considerations to ponder when navigating biases in decision-making:
🔍 Awareness of Pre-existing Biases
Start by acknowledging that everyone has biases. Denying them will not make them disappear; instead, it will only render you less capable of managing them effectively.
🔍 Confirmation Bias
Be aware of the tendency to seek information confirming your preconceived notions while ignoring contradictory evidence. Challenge yourself to look at multiple perspectives.
🔍 Overconfidence Bias
This is the blind spot where we overestimate our abilities or the accuracy of our predictions. Cross-reference your assessments with data or third-party perspectives to ground your choices in reality.
When in a team setting, are you merely conforming to the majority view without questioning its validity? Groupthink can lead to poor decisions, as it often bypasses critical evaluation.
🔍 Anchoring Bias
Be cautious about giving too much weight to the first piece of information you encounter. Make a conscious effort to consider multiple factors before settling on a decision.
🔍 Availability Heuristic
This bias comes into play when we overvalue information that comes easily to mind, which is not always the most accurate or relevant data for making an informed choice.
🔍 Hindsight Bias
This involves looking back on things that have already occurred and thinking that you knew it would happen that way. This can impact your future decision-making by providing a false sense of certainty.
🔍 Emotional State
Your emotional condition when making a decision can greatly influence your choices. Awareness of your emotional state can help you adjust for any biases it may introduce.
🔍 Cultural and Social Biases
Realise that social upbringing and cultural context can colour your decision-making. Make sure to challenge these predispositions, especially when working in diverse teams.
🔍 Sunk Cost Fallacy
This involves continuing to invest in a decision based on the time, money, or effort already spent rather than evaluating the decision on its current and future value.
🔍 Consult and Validate
Make it a practice to consult with others who might not share your biases. Their insights could provide a more rounded perspective, helping you to make more balanced decisions.
Understanding these elements can help anyone interested in improving their decision-making capabilities.
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TGB Helping you make better decisions